The bank's line is short and clear. A hike can shake the metal. It should not end the recovery. That is a two-sided week, not a funeral. ...Read More
The bank marked the year after next down by about a quarter. Spot already did part of the work. The Fed meeting still sits on the calendar. ...Read More
Silver took the punch. Gold took the bruise. The Fed meeting is still next week. That order matters more than the headline. ...Read More
Howe and Strauss called it a Crisis. The Chinese pair is still the working caption: danger plus opportunity. Danger is trust going to zero. Opportunity is a bid for metal before the new rulebook is printed. ...Read More
A tariff is not a flag. It is a tax on the next shipment. The people who eat macaroni when a resource town rolls over already know which side of the border pays first. ...Read More
A mine is a twenty-year claim on a rulebook. When the rulebook is a moving target, the bid walks. That is not reconciliation. That is a sale. ...Read More
A boom can live with higher yields. A thin productive base, a leveraged household and a government that spends to advertise sovereignty cannot. ...Read More
A country that treats itself as an economic zone should not be surprised when capital and the young treat it the same way. The investor's job is not to win the culture argument. It is to remain solvent while the argument runs. ...Read More
Gold can be the boat in the storm. A junior is only a boat if the debt holders do not own the hull. ...Read More
Heavy oil is not a speech about pipelines. It is a molecule a Midwest unit is already plumbed to crack. Venezuela can widen the discount. It cannot instantly unplumb Illinois. ...Read More
The second-largest monthly inflow on record is a fact. September already gave 5.5% of August's 15% burst back. Flows explain the month. They do not underwrite the next print. ...Read More
Will copper be affected by tariffs? It already has been. The metal moved before the text. Manufacturers did that. A published rate can undo it. ...Read More
A return to bullion is a price. A return to mining stocks is a cost curve, a share count and a jurisdiction. Do the second job or do not bother with the first. ...Read More
A megawatt is a planning unit. A mine is a decade. Strategic is a word governments use after the warehouse is already empty. ...Read More
A distributor does not care about a critical-minerals speech. It cares that a drill bit costs five times what the catalog said. That is the shock. A junior in the Northwest Territories is one way Western buyers try to get in front of the next catalog. ...Read More
Forward guidance is what a central banker gives markets. A prime minister in a trade war owes the people a podium. ...Read More
An EU guest-of-honour slot is diplomacy. A 50% beer tariff moving a non-alcoholic line to the United States is an invoice. Do not confuse the two calendars. ...Read More
A classicist's three-act play is not a 43-101. The third act still shows up in plate costs, offtakes and whether Alberta can sell a barrel east. ...Read More
Brent can make a headline. Diesel makes an AISC. PPI and CPI this week will try to decide which one the committee believes. ...Read More
January was the peak of a year, not necessarily the peak of a market. A trading head can say that. A payrolls print can still tax the next session. ...Read More